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CP

Covalent Partners Portfolio holdings

AUM $17.6M
1-Year Est. Return 2.91%
This Fund
S&P 500
This Quarter Est. Return
+10.29%
1 Year Est. Return
+2.91%
3 Year Est. Return
+36.56%
5 Year Est. Return
+67.28%
10 Year Est. Return
+115.1%
AUM
$492M
AUM Growth
+$50.7M
Cap. Flow
+$289M
Cap. Flow %
58.83%
Top 10 Hldgs %
58.31%
Holding
39
New
6
Increased
12
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
SPN
Superior Energy Services, Inc.
SPN
+$9.21M
2
PTEN icon
Patterson-UTI
PTEN
+$4.89M
3
WLH
WILLIAM LYON HOMES
WLH
+$4.6M
4
LEN icon
Lennar Class A
LEN
+$4.27M
5
C icon
Citigroup
C
+$4.18M

Top Sells

Rank Stock Value
1
TMHC
Taylor Morrison
TMHC
+$16.5M
2
GM icon
General Motors
GM
+$14.6M
3
MGM icon
MGM Resorts International
MGM
+$14.5M
4
AAL icon
American Airlines Group
AAL
+$10M
5
TRK
Speedway Motorsports, Inc.
TRK
+$7.51M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 60.16%
2 Industrials 9.26%
3 Financials 8.82%
4 Real Estate 6.06%
5 Energy 3.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
C icon
1
Citigroup
C
$221B
$36.5M 7.42%
707,497
+82,000
+13% +$4.18M
RYL
2
DELISTED
RYLAND GROUP INC
RYL
$34.2M 6.96%
702,387
+74,300
+12% +$3.18M
PHM icon
3
Pultegroup
PHM
$24.7B
$33.7M 6.85%
1,515,301
-164,851
-10% -$3.59M
GM icon
4
General Motors
GM
$76.3B
$30.6M 6.22%
815,542
-400,800
-33% -$14.6M
GLPI icon
5
Gaming and Leisure Properties
GLPI
$12.8B
$29.8M 6.06%
807,259
– –
NCFT
6
DELISTED
NORCRAFT COS INC COM STK (DE)
NCFT
$29.7M 6.03%
1,159,724
+54,000
+5% +$1.14M
MGM icon
7
MGM Resorts International
MGM
$11B
$26.5M 5.39%
1,260,902
-695,000
-36% -$14.5M
DAN icon
8
Dana Inc
DAN
$3.24B
$24M 4.87%
1,132,087
-254,000
-18% -$5.49M
LEN icon
9
Lennar Class A
LEN
$21.2B
$18.2M 3.7%
368,959
+93,712
+34% +$4.27M
PENN icon
10
PENN Entertainment
PENN
$2.45B
$17.9M 3.64%
1,141,564
-139,976
-11% -$2.2M
ISCA
11
DELISTED
International Speedway Corp
ISCA
$16.6M 3.37%
507,780
– –
MTH icon
12
Meritage Homes
MTH
$4.73B
$15.8M 3.22%
651,000
+95,000
+17% +$1.92M
DHI icon
13
D.R. Horton
DHI
$41.7B
$15.3M 3.12%
538,500
+144,500
+37% +$3.76M
NWHM
14
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$14.5M 2.95%
908,643
+117,433
+15% +$1.68M
WLH
15
DELISTED
WILLIAM LYON HOMES
WLH
$13M 2.64%
503,301
+212,801
+73% +$4.6M
SPN
16
DELISTED
Superior Energy Services, Inc.
SPN
$9.91M 2.02%
+44,340
New +$9.21M
MCRI icon
17
Monarch Casino & Resort
MCRI
$2.23B
$8.78M 1.79%
458,872
+1,800
+0.4% +$32.2K
AAL icon
18
American Airlines Group
AAL
$9.02B
$8.43M 1.71%
159,660
-197,000
-55% -$10M
WCIC
19
DELISTED
WCI Communities, Inc.
WCIC
$8.35M 1.7%
348,459
+154,859
+80% +$3.26M
F icon
20
Ford
F
$55.5B
$7.83M 1.59%
484,812
– –
CNR
21
DELISTED
Cornerstone Building Brands, Inc.
CNR
$7.42M 1.51%
429,208
– –
GS icon
22
Goldman Sachs
GS
$302B
$6.92M 1.41%
36,802
– –
MHO icon
23
M/I Homes
MHO
$3.84B
$6.89M 1.4%
288,962
+61,490
+27% +$1.35M
PTEN icon
24
Patterson-UTI
PTEN
$4.52B
$5.35M 1.09%
+285,000
New +$4.89M
SBGI icon
25
Sinclair Inc
SBGI
$1.05B
$5.02M 1.02%
159,893
-207,000
-56% -$5.62M
1
2

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BCPE
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HAM
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BCA
Boundary Creek Advisors New York $15.3M AUM 0.41% 1-Year Est. Return
BCM
BCK Capital Management Stamford, Connecticut $23M AUM 33.03% 1-Year Est. Return
MS
Mizuho Securities Tokyo, Japan $7.68M AUM 15.91% 1-Year Est. Return
RA
Ritter Alpha New York $4.78M AUM
AIIC
AJU IB Investment Company Seoul, South Korea $30.5M AUM 128.96% 1-Year Est. Return
HFA
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Covalent Partners's Q1 2015 Portfolio in Review

As of Q1 2015, Covalent Partners held 39 positions worth $492M, up 11% from $441M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Covalent Partners deployed $289M of net new capital in Q1 2015, opening 6 new positions and adding to 12 existing holdings. Its largest new stake was Superior Energy Services, Inc.: 44,340 shares worth $9.91M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, down from 70% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was General Motors, an estimated $14.6M trimmed.

  • Covalent Partners's largest Q1 2015 buy was Superior Energy Services, Inc.: 44,340 shares worth $9.91M.
  • Covalent Partners added most to WILLIAM LYON HOMES in Q1 2015, an estimated $4.6M increase.
  • Covalent Partners's biggest Q1 2015 reduction was General Motors, cutting an estimated $14.6M.
  • Covalent Partners fully exited Taylor Morrison in Q1 2015, selling an estimated $16.5M.
  • Covalent Partners's ten largest holdings make up 58% of its $492M portfolio in Q1 2015.
  • Covalent Partners opened 6 new positions and closed 3 in Q1 2015.
  • Covalent Partners's portfolio value rose 11% quarter-over-quarter to $492M.

Based on Covalent Partners's 13F filing for Q1 2015, filed 15 May 2015.